High Grade Gold Intersections At Sturec – Resource Update Imminent

MetalsTech Limited (ASX: MTC) (the Company or MTC) is pleased to announce the updated assay results for UGA-46, which were completed from Drill Chamber III, together with further assay results from from Drill Chamber IV as part of the Phase IV diamond drilling program at the Company’s 100% owned Sturec Gold Mine, located in Slovakia (Sturec). The Company is currently drilling from Drill Chamber IV, with the assay results from UGA-47, UGA-48, UGA-53, UGA-54, UGA-55, UGA-56, UGA-57, UGA-58 and UGA-59being received. The company is awaiting results from UGA-60, UGA-61 and UGA-62 and is currently drilling UGA-63.

Highlights

• The Company expects to receive an independent update to the Mineral Resource Estimate for the Sturec Gold Project shortly which will feed immediately into the Pre-Feasibility Study
  
• New assay results indicate the overall mineralised zone in UGA-46 has greatly improved from 113.0m @ 1.16g/t Au and 17.4g/t Ag from 0m (0.25g/t Au cut-off, downhole thickness; refer to MTC announcement dated 8 November 2022) to:
  • 132m @ 1.51g/t Au and 16.2g/t Ag from 0m (0.25g/t Au cut-off, downhole thickness)
• The 113-126m zone in UGA-46 has now been determined to be included in a wider, higher grade zone of 33m @ 2.29g/t Au & 9.3g/t Ag from 99m (0.4g/t Au cut-off, downhole thickness), including:
  • 9m @ 7.29g/t Au & 13.3g/t Ag from 123m (0.5g/t Au cut-off, downhole thickness); incl.
    • 1m @ 43.6g/t Au & 61.4g/t Ag from 127m (no Au cut-off, downhole thickness)

Cautionary Note: These intersections are not a true thickness as the drill holes were drilled at a shallow angle to the mineralised zone due to the location of the underground drill site relative to the target zone. Modelling suggests the true thickness of mineralisation in this area is approximately 110-90m at the top and ~40-30m at the bottom of the drill hole: see Figures 1 and 2).

• UGA-47 intersected thick, continuous mineralized zone of 18.0m @ 1.57g/t Au and 6.1g/t Ag from 38m (0.2g/t Au cut-off, downhole thickness) including:
  
  • 4m @ 6.27g/t Au & 23.6g/t Ag from 38m (0.5g/t Au cut-off, downhole thickness);
• UGA-48 intersected thick, continuous mineralized zone of 32.0m @ 1.49g/t Au and 7.8g/t Ag from 10m (0.25g/t Au cut-off, downhole thickness) including:
  • 20m @ 2.06g/t Au & 10.4g/t Ag from 22m (1g/t Au cut-off, downhole thickness); incl.
    • 4m @ 3.76g/t Au & 29.2g/t Ag from 31m (2g/t Au cut-off, downhole thickness)
• The first two surface drill holes (SSD-01 and SSD-02) to test the depth extent of some of the highest grade areas of the Sturec Mineral Resource are complete and the third surface drill hole (SSD-03) is underway

“Drilling at Sturec continues to deliver significant gold intersections. We are days away from receiving an independent update to the Mineral Resource Estimate and look forward to transitioning to a significant gold development story and progressing pre-feasibilty study works.”

The drilling from Drill Chamber III was designed mainly to increase the confidence of the southern extent of the existing Sturec Mineral Resource, as well as potentially extend the mineralisation within the existing Sturec Mineral Resource at depth. The drilling from Drill Chamber IV was designed mainly to potentially extend the mineralisation within the existing Sturec Mineral Resource to the south, especially down dip/plunge.

Table 1: Drill holes from Drill Chamber III and IV

UGA-46

UGA-46 was stopped at a depth of 179.3m and was planned as an infill drill hole into the existing Sturec Mineral Resource that would also test the lower boundary of the existing Sturec Mineral Resource (refer to MTC announcement dated 21 June 2021). This was the final hole drilled from Drill Chamber III. The details for drill holes from Drill Chamber III are set out in Table 1. See Figure 1 and 2 for the relative position of UGA-46 compared to the existing Sturec Mineral Resource respectively (refer to MTC announcement dated 21 June 2021).

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